Health Savings Accounts

A Health Savings Account (HSA) is a tax-deductible savings account with tax-free withdrawals* for qualified medical expenses. Since there is no "use it or lose it" requirement, your unused HSA dollars can accumulate tax deferred to pay for future health care costs. Also, funds deposited into the account belong to you so they stay with you when you change employers. This account is used to pay for qualified medical expenses.

Open a Health Savings Account
To open your HSA, call 303.442.8850 or 800.783.8850 today, or visit any of our branch locations.

* Ask your Employer or Health Insurance Company if your health insurance plan makes you eligible to open and make contributions to a HSA.

Account Details

Your HSA (Health Savings Account) will be deposited in an account at BVCU. You will receive a monthly account statement, which details all deposits and withdrawals. Your account balances are insured up to the limits imposed by the NCUA.

No minimum balance to open & no monthly fees (Credit Union Membership Required)

A free HSA Visa Debit Card - for easy access to funds

Tax-free withdrawals* for qualified medical expenses

HSA Eligibility

To open and make contributions to a HSA, you must meet all of the following requirements:

You must be covered under a High Deductible Health Plan (HDHP)

You cannot be covered by any other health plan that is not a HDHP

You are not enrolled in Medicare

You are not claimed as a dependent on another person's tax return

You are younger than 65 years old (If you are 65 or over and choose to continue working, but are not enrolled in Medicare you are still eligible)

How Do I Access Funds?

Access to the account is via Visa Debit Card or through cash withdrawals at one of our BVCU branch locations. Access to the account is NOT available via ATM cash withdrawals.

Visa Debit Card
Upon opening your HSA, you will receive a Debit Card in 7 to 10 business days for accessing the account. Your Visa Debit Card can be used to make qualified healthcare purchases anywhere Visa is accepted. Purchases will be automatically deducted from your HSA tax-free.

Frequently Asked Questions

What is a Health Savings Account ("HSA")?

A Health Savings Account allows individuals to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax free basis.

Who is eligible for a Health Savings Account?

To be eligible for a Health Saving Account, an individual must be covered by a High Deductible Health Plan (HDHP), must not be covered by other health insurance (does not apply to specific injury insurance and accident, disability, dental care, vision care, long-term care), is not enrolled in Medicare, and can't be claimed as a dependent on someone else's tax return.